Swiber Buys into Nigerian Offshore Player
Swiber Offshore Construction has acquired 38 percent stake in Nigeria’s Deltatek Offshore Limited (DOL).
Following the acquisition, DOL has become an associated company of Swiber.
Swiber has acquired 9,500,000 nil-paid ordinary shares of DOL with nominal value of $0.005 or NGN 1.00 each.
The aggregate consideration for the acquisition is NGN 9,500,001 (equivalent to approximately $47,679) comprising $0.005 (NGN1.00) paid in cash to the seller of the shares and NGN 9,500,000 as capital injection for DOL as and when DOL calls on the nominal value of the shares.
The consideration for the acquisition was arrived at on a willing-buyer, willing-seller basis. Based on the audited financial statements of DOL for the period ended Dec. 31, 2014, the net tangible asset value of DOL was NGN 4,661,930 (equivalent to approximately $23,397).
DOL is a company incorporated in Nigeria and will be principally engaged in providing offshore engineering, procurement, construction, installation and commissioning services in the Sub-Saharan Africa region.
The Acquisition will be funded through internal resources and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company and the Group for the current financial year ending Dec. 31, 2016.
